The VHDA has extended their program to provide special closing cost assistance on Fannie Mae loans!
This is FREE MONEY for home buyers!
- Special allocation of funding available to eligible first time homebuyers financing with either of VHDA’s Fannie Mae Programs.
- Assistance in the amount of $1500 provided towards the borrowers closing costs (including prepaids and upfront MI) – not toward down payment
- This is a grant – no deed of trust – no repayment required
- Lower income limits – lower income limits apply (limits are lower than the VHDA grant program see attached limits)
- Limited time – loans must close by December 31, 2017
- Closing Costs assistance may be used in conjunction with VHDA’s DPA Grant and MCCs
- Borrowers may not receive cash back at closing
- Lenders may offer the closing costs assistance to borrowers currently locked with a VHDA Fannie Mae loan
- VHDA Fannie Mae Closing Costs Assistance Confirmation must be signed by the borrower and returned in the loan closing package
- Lender funds the $1500 at closing
- $1500 closing costs assistance must identified on a separate line from the VHDA DPA Grant on the Closing Disclosure identified as ” VHDA Fannie Mae Closing Costs Assistance”
- VHDA reimburses the lender $1500 at time of purchase of the first mortgage
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